Sri Lanka's rupee closed weaker on importer demand for dollar in a short market day ahead of Christmas weekend, while the stock market rose 0.7 percent on Friday to a six-week high on bargain hunting despite foreign selling. The day's turnover was 1.3 billion rupees ($11.6 million) - more-than two times the 2009 daily average of 593.6 million rupees. Both money and share markets were closed for a half-day holiday for the Christmas on Saturday.
Foreign investors have sold a net 25.9 billion rupees in shares this year, and on Friday they sold a net 250.5 million rupees. The island's main share index rose 46.74 points to 6,558.25, its highest since November 12. It gained 3.1 percent with rising in four-straight sessions this week. Asia's best performer in 2010 has risen 93.7 percent, ahead of second-ranked Indonesia's 42.5 percent.
It has fallen 9 percent since hitting a record high on October 4, mainly on a liquidity shortage, and has slowed down with year-end settlements and the impending holidays. The half-day Volume hit 34.2 million shares on Friday, against an average volume of 30.4 million and 49.4 million in the past five and 30 days respectively. The 90-day average volume is 63.7 million.